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Stocks to watch: Ryman Healthcare, NZ Refining, ING

Wednesday 19th May 2010

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Ryman Healthcare set a new company record by lifting annual profit 16% from a year rarlier, NZ Refining is experiencing an ongoing recovery in refinery margins and a "healthy" barrel price, meanwhile ING Property has announced an annual loss of $53.9 after tax and The Warehouse shares fall 2.2%.

ING Property Trust (ING): The company has announced an unaudited after tax loss of $53.9 million for the year ended March 31, following commercial property valuation writedowns of $82.8 million, the company reported to the NZX this morning. This compared to a loss of $63.1 million for the previous year.  Earnings before interest, tax, depreciation and writedowns was down 12.6% on the previous year, at $67.7 million. The results were in line with previously issued guidance. ING shares have been flat-lining at 76 cents in recent days. 

New Zealand Refining Company (NZR): This morning's throughput report to the NZX for March and April showed ongoing recovery in refinery margins, which averaged a "healthy" US$5.50 per barrel, the company said. Production will be limited while maintenance on a hydro-cracker unit is effected. The NZR share price rose 1 cent to $3.43 yesterday. 

Ryman Healthcare (RYM): Ryman Healthcare announced a realised profit of $61 million for the year to March 31, up 16% on last year and a new record for the company, in a statement to the NZX this morning. Chief executive Simon Challies has been elevated to managing director, the retirement village operator announced yesterday. The shares were unchanged at $2.14 yesterday. 

Telecom Corp. (TEL): Chief financial officer Russ Houlden became the latest senior executive to depart, announcing his resignation to return to Britain. The phone company was unchanged at $2.07 yesterday, nearing the lows it last hit in the early 1990s. 

The Warehouse Group (WHS): The biggest retailer on the index fell 10 cents, or 2.2%, to $3.49. Full-year adjusted earnings will be similar to 2009's $85.2 million, the company said yesterday, reiterating an earlier forecast. Third-quarter sales fell 1.9% because of weak demand for music, DVDs and winter items, chief executive Ian Morrice said. 

Windflow Technology (WTL): The manufacturer's Windflow 500 turbine gained design approval from the independent British certifying body Lloyds Register. Windflow has installed 65 of the turbines at New Zealand Windfarm's Te Rere Hau site near Palmerston North in the past three years and the two companies were briefly at odds over the certification. The company needs new customers to fill its order book beyond the end of this calendar year. The shares fell 2% to 96 cents yesterday.

Themes of the day: The Reserve Bank released its latest financial stability report this morning, with governor Alan Bollard warning that says Europe's credit crisis looms over New Zealand's financial stability, despite the benefits of the sharp recovery in Australia and emerging Asian economies.   "As an external debtor country, New Zealand could be vulnerable to any renewed deterioration in global debt markets," Bollard told a media conference in Wellington, ahead of tomorrow's annual Budget, to be delivered in Parliament at 2 p.m.  Also due out today is the global competitiveness index from the Swiss-based IMD business school - a closely watched indicator of relative economic attractiveness, in which New Zealand ranked 15th last year.

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